HomeMy Public PortalAboutResolutions-2013-127-Tiffin/436989-10/Internal Advance
RESOLUTION NO 2013427
AUTHORIZING INTERNAL ADVANCES OF FUNDS
' FOR PAYMENT OF URBAN RENEWAL PROJECTS
WHEREAS, the ,City of Tiffin, Iowa (the "City"), has established 'the Tiffin Urban
Renewal Area (the "Urban Renewal Area") and has created the Tiffin .Urban Renewal Area Tax
Increment Revenue Fund (the "Tax Increment Fund") in connection therewith; and W
4 WHEREAS, the City has undertaken several urban renewal projects, including the 2013
Paving Projects, the Jasper Avenue North Project, the 2012 Industrial Park Water, Main. Project
and the PR Builders, Inc./IPL Development, Inca Grant Program; and
WHEREAS, costs have been and will be incurred` in.connection, with the undertaking of
such projects; and
WHEREAS, in order to cover a portion of -such costs and to make such costs eligible to
be recouped ' from incremental property taxi revenues, it is necessary to facilitate internal
advances (the "Advances") of funds; r
NOW, THEREFORE, IT IS RESOLVED by the City'Council of the City of Tiffin, Iowa,
as follows:
`Section 1. It1hereby directed that an amount not in excess of Eight Hundred Fifty
Thousand Dollars ($850,000) be advanced from the General -Fund (the' "2013 Paving.Advan&')
in order to fund the 2013 Paving Projects. The 2013 Paving Advance shall be repaid to the
General Fund, without interest, out of incremental property tax revenues received with respect to
the Urban Renewal Area.
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It is.interided that'the 2013Paving Advance shall be repaid before July 1, 2013. The City
Council hereby determines ;that there .are incremental property tax revenues available for such
purpose which.have accumulated in the Tax Increment Fund and directs that the 2013 Paving
Advance be repaid from such revenues.
} Section 2. It is hereby directed that an amount not in excess of Eighty,,.,Thousand
Dollars ($80,000) be advanced from the Road Use Tax Fund (the "Jasper Avenue,Advance") in
order to fund the Jasper Avenue Project. The Jasper Avenue Advance shall be repaid to the
Road Use Tax Fund, without interest, out of incremental property tax revenues received with
respect to the Urban Renewal'Area.
It is intended that the Jasper Avenue Advance shall be repaid, before July 1, 2013. The
City Council hereby determines that there are incremental property ax revenues available for
such purpose which have accumulated in the Tax Increment Fund and directs that the Jasper
Avenue Advance be repaid from such revenues.
Section 3. It is hereby directed that an amount not in excess of One; Hundred Thirty
Thousand Dollars ($130,000) be advanced from the Water Utility Fund (the "Water Line
Iv Tiffin/436989-10Mtemal Advance
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Advance") in order to fund the 2012 Industrial, Park Water Main Project. The Water Line
Advance shall be,repaid to the Water„Utility Fund, without interest, out of incremental property`
tax revenues received with respect to the Urban Renewal Area. ' w
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It is intended that.the Water Line Advance shall be"repaid before July 1,.,2013. The City
Council hereby, determines that there are incremental property tax revenues available for such
purpose- which have accumulated in .the Tax Increment Fund and directs -that the Water Line
Advance be 'repaid from such revenues.
Section 4. It is°hereby directed that an amount not in excess of Two Hundred. Sixty-
Four Thousand Dollars ($264;000) be advanced from the General Fund (the "Grant Advance") in
order to fund the PR Builders, Inc./IPL Development, Inc. Grant Program. The.Grant`Advance
shall be repaid to the General Fund, without interest, out.of incremental 'property tax revenues
received with�respect to the Urban Renewal Area.
li It is intended that the Grant Advance shall be repaid before July 1, 2013. f The City
Council hereby determines that there are incremental property tax revenues available,for such
purpose which have` accumulated'in the Tax Increment Furid'"and directs that the Grant Advance
be repaid from such revenues "
Section 5. A copy of this Resolution shall be filed in the office of the County Auditor
of Johnson County, Iowa to evidence the Advances. ,;. y
Section 6. All resolutions or part's thereof in conflict herewith, are hereby repealed, to
the extent of such conflict. °
PASSED AND APPROVED this June 20;2013.
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:,ai Steven L. Berner,,Mayor
' Attest: �.
'Michon J k n, City Administrator/Clerk f tis r
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